Avison Young's latest market report for Lethbridge is predicting a boom in retail inventory supply, October 5, 2023. (Photo: LNN)

By Christian Oldale

Avison Young predicting retail boom in Lethbridge in 2024

Oct 5, 2023 | 12:50 PM

LETHBRIDGE, AB – Avison Young’s latest market report for Lethbridge is predicting a boom in retail inventory supply.

The report said that with a population growth of nearly five per cent over the last four years, Lethbridge has a growing demand for retail goods and services.

The boom is expected due to both the demand and low vacancy rates, as Lethbridge currently sits at only 3 per cent vacancy.

Jeremy Roden, Executive Vice President in the Avison Young Lethbridge office said, “Retail real estate in Lethbridge has had sustained growth since 2020, with no signs of slowing down despite national headwinds.”

Roden added, “While landlords and tenants may be acting cautiously, and some deals may be taking longer, they are still getting done, an overall positive sign for the retail sector.”

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Lethbridge lease rates generally fall into one of two categories:

• Rates for newer builds average between $30 to $35 per square foot (psf) in South and West Lethbridge.
• Existing space, primarily in the downtown area, offers lower rates averaging between $12 to $16 psf.

The average lease term for retail business leases in Lethbridge in 2023 is 7.7 years.

READ MORE: Lethbridge News Now.

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